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Corporate Watch

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National Bank profits soar 46pc

KARACHI: National Bank of Pakistan (NBP) on Thursday reported that its profit after tax surged 46 per cent to Rs12.49 billion for the half year ending June 30 compared to Rs8.55bn in the corresponding period of 2017. This profit translates into earnings per share of Rs5.87 as against Rs4.02 in the same period last year, said a press release.NBP is among few public sector enterprises (PSEs) which earns profit unlike Pakistan International Airlines and Pakistan Steel Mills which continue to incur huge losses.

The bank recorded a pre-tax profit of Rs17.16bn, which is 26pc higher over Rs13.61bn earned in the corresponding period of 2017.

“This was achieved through maintaining an efficient asset-mix of high-yield loans and investments,” said the bank.

The net interest or mark-up income increased by 15.7pc to Rs31.14bn compared to Rs26.05bn in the same period last year.

The bank has recently introduced changes in its operational structure for better service quality in order to enhance customer loyalty. Income from dividend and capital gains however recorded a drop due to the lacklustre performance of stock market.

“Overall non mark-up or interest income for the period amounted to Rs15.25bn which is marginally lower by 2.7pc as compared to Rs15.68bn for the corresponding period of last year,” said the bank.The bank’s deposits grew 10.6pc to Rs1,910.67bn during the period under review.—Staff Reporter

Hyundai Nishat to implement SAP

LAHORE: Hyundai Nishat Motor Private Limited on Thursday signed an agreement with Excellence Delivered ExD for implementation of SAP S/4HANA. The project is being undertaken in collaboration with Hyundai and Nishat teams, along with local and international industry experts.

Sojitz Corporation will also have an onsite presence at the project and will coordinate with the teams from ExD to help launch the project.

Published in Dawn, August 31st, 2018